Ozon (OZON) Q4 2025 earnings summary

Executive summary

• Group GMV grew 45% year-over-year in 2025, with Group EBITDA reaching ₽156.4bn, both exceeding guidance.

• Revenue rose 43% year-over-year to ₽309.4bn in Q4 2025 and 63% to ₽998.0bn for the year, driven by service revenue, improved monetization, and organic traffic growth.

• Gross profit increased 83% year-over-year to ₽65.4bn in Q4 and 130% to ₽230.1bn for 2025, with margin improvements from logistics optimization and Fintech contributions.

• Adjusted EBITDA rose to ₽43.2bn in Q4 and ₽156.4bn for 2025, with EBITDA margin up to 3.8% of GMV for the year.

• Net profit was ₽3.7bn in Q4 2025 versus a ₽17.6bn loss in Q4 2024; annual net loss narrowed to ₽0.9bn from ₽59.4bn in 2024.

Financial highlights

• Service revenue up 46% year-over-year in Q4 and 67% for 2025; product sales up 25% and 35% respectively.

• Fintech interest income surged 85% in Q4 and 141% for 2025.

• Operating expenses rose 22% in Q4 and 37% for 2025, mainly due to tech, content, and personnel costs.

• Operating cash flow reached ₽503.6bn for 2025, up ₽217.3bn year-over-year.

• Cash and equivalents at year-end totaled ₽650.7bn.

Outlook and guidance

• GMV expected to grow 25–30% year-over-year in 2026.

• Adjusted EBITDA forecasted at approximately ₽200bn for 2026, with net profit anticipated.